Investing.com - The economic calendar for the week ending May 9 is light on data when compared with the previous week. The calendar still contains some events which will of interest to economy watchers, including a European Central Bank meeting and Fed speeches. Here are some key events to watch:
ECB policy meeting and press conference
The ECB is to hold its monthly monetary policy meeting and post-policy meeting press conference on Thursday, with market watchers expecting the bank to keep policy on hold for another month. Data last week showing that the annual rate of euro zone inflation ticked up to 0.7% in April, from a record low 0.5% the previous month eased pressure on the ECB to implement further monetary easing measures to tackle low inflation in the region.
Governor Jeremy Stein is to speak on Tuesday, while Fed Chair Janet Yellen is to testify before the Joint Economic Committee of Congress in Washington on Wednesday.
There will be a flurry of Fed speakers taking the stage on Thursday, including Philadelphia Fed President Charles Plosser, Chicago Fed head Charles Evans, Governor Daniel Tarullo and St. Louis Fed chief James Bullard.
Service sector activity
The Institute of Supply Management is to publish a report on U.S. service sector activity on Monday, while the U.K. is to publish the results of its services PMI on Tuesday. When the ISM services PMI is released after a nonfarm payrolls report it can be overlooked, but this report is likely to be closely watched in the wake of last week's disappointing data on U.S. first quarter growth.
The market expects no change in the U.K. service sector PMI , which came in a 57.6 in March. This would point to solid growth at the start of the second quarter.
New Zealand, Australia and Canada are to release what will be closely watched employment reports on Wednesday, Thursday and Friday, respectively.
U.S. trade data
The Commerce Department is to publish the trade report for March on Tuesday. Economists are expecting the trade deficit to have narrowed somewhat. Last week's report on U.S. first quarter growth showed that exports dropped 7.6% from a year earlier, subtracting almost one percentage point from growth. If Tuesday's report shows that exports picked up, they are likely to have created less of a drag on growth.
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